MG Properties Group reports that a major renovation of its Stonewood Gardens apartment complex in San Diego has reduced energy, electricity, and gas usage.
The complex of 12 three-story buildings has 255 units and was built in 1987. Early last year the property, which is owned by MG Properties Group, was refinanced with a Fannie Mae Green Rewards mortgage loan that set aside proceeds for the renovations.
MG Properties Group says they worked with the energy management services provider Bright Power on LED upgrades to the common area lighting, LED upgrades to in-unit lighting, and installing domestic hot water recirculation flow controllers. Non-Bright Power retrofits included a solar thermal system, a solar photovoltaic system, and EV charging stations.
Comparing pre-retrofit utility data from October 2016 to October 2017 with post-retrofit data from May 2017 to May 2018, MG Properties Group says there was an 11% decrease in energy usage, a 22% decrease in electricity usage, and a 6% decrease in gas usage.
Financial programs used to fund the project included SDG&E’s Energy Upgrade California program, the California Solar Initiative for the solar thermal system, and the NRG EvGo program in 2016. Energy efficiency measures cost $110,750, but incentives covered 93.8% of that, according to MG Properties Group.
“Energy efficiency upgrades supported by incentives like the Energy Upgrade California Multifamily program are a natural extension for multifamily owners seeking to improve the quality and value of their properties,” said Lane Jorgensen, VP of investment management at MG Properties Group. “We’ve already seen the financial benefit of reduced expenses at the property.”
The company reports that better lighting is increasing safety and security on the property. Residents are also receiving lower electricity and natural gas bills as a result of the changes.
Founded in 1992, MG Properties Group purchases, renovates, and manages apartment communities throughout the Western United States. Currently the company says they manage more than 12,500 apartments in California, Arizona, Nevada, Washington, and Oregon.